Duplex with Two-Story
For Sale
$340,000
18 Morton Avenue, Rochester, NH 03867
Multi-Family, Rochester, NH
Property Size1,678 SF
Lot Size0.11 Acres
Price / SF$202.62
Days on Market109
Property Features for 18 Morton Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3
Parking features
Driveway
Patio and Porch features
Porch
Exterior features
Barn, Garden Space, Porch, Enclosed Porch, Storage
Lot features
Landscaped, Level, Near Shopping, Near School(s)
Elementary school
School Street School
Middle school
Rochester Middle School
High school
Spaulding High School
Elementary school district
Rochester
Middle school district
Rochester
High school district
Rochester
Standard status
Active
Size
1,678 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4146
Utilities
Utilities
Cable Available
Heating system
Oil, Other (Heating)
Water source
Public
Building Details
Year built
1902
Floors in Building
2
Number of units
2
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Other
Additional Structures
Storage
Listing Agency:
KW Coastal and Lakes & Mountains Realty/Wolfeboro · Keller Williams Realty
(603) 610-8500
Listed By:
Emily Cantwell · License #BA926652
(603) 833-6965
Added: Jun 11
Changed: Sep 21
Last Checked: Sep 27 at 1:06PM
MLS# 5094293
Copyright © 2026 PrimeMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1902 duplex contains two residential units within a 1,678-square-foot property. The upper apartment includes two bedrooms and one bathroom, while the lower apartment offers one bedroom, one bathroom, and an enclosed sunroom. A two-story barn is attached to the building and provides storage access for both units. Exterior features include a porch, garden area, driveway parking, newer siding, and a newer roof. Public water serves the property, with cable available.
Located at 18 Morton Avenue in Rochester, the property sits minutes from downtown shops, restaurants, and local amenities. The 0.11-acre lot provides outdoor space for gardening and general use. R2 zoning and the existing duplex configuration support the property’s residential income-producing setup.
Located at 18 Morton Avenue in Rochester, the property sits minutes from downtown shops, restaurants, and local amenities. The 0.11-acre lot provides outdoor space for gardening and general use. R2 zoning and the existing duplex configuration support the property’s residential income-producing setup.
Key Highlights
- Two‑unit property with 1,678 square feet of space
- Upper unit has 2 bedrooms and 1 bathroom
- Lower unit includes 1 bedroom, 1 bathroom, and an enclosed sunroom
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$17,034
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.01%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$340,680
$340.7K
Cap Rate 7%
$243,343
$243.3K
Cap Rate 9%
$189,267
$189.3K
Market Conditions
NOI Build-Up for 1,678 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$25.2K $15.00/SF
− Vacancy
−$836 −$0.50/SF
EGI
$24.3K $14.50/SF
− OpEx
−$7.3K −$4.35/SF
NOI
$17.0K $10.15/SF
Area
Strafford County, NH
Vacancy
3.32%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$340,680
Cap Rate 7%
$243,343
Cap Rate 9%
$189,267
Alternative Uses
Best Use
Multifamily LT 5
$243.3K
$212.9K – $283.9K
NOI $17,034 @ 7.0% cap · market cap 5.01%
Second Best
Apartment 5plus
$224.4K
$196.4K – $261.8K
NOI $15,710 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$448.9K
$392.8K – $523.7K
NOI $31,424 @ 7.0% cap · market cap 9.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
590
Businesses Nearby
Explore this area
Business Placement
Demographics for 03867, NH
22,369
Population
10,458
Households
2.1
Avg Household Size
44
Median Age
25%
College-Educated
93%
High-School Grad
28.4 sq mi
ZIP Area
788
Density / Sq Mi
$74,397
Median Household Income
$42,613
Median Earnings
$1,217
Median Rent
$259,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - R2-zoned duplex with separate one- and two-bedroom units, enclosed sunroom, barn storage, and garden space.
Where is this duplex located?
The property is located at 18 Morton Avenue Rochester, NH.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: Two‑unit property with 1,678 square feet of space; Upper unit has 2 bedrooms and 1 bathroom; Lower unit includes 1 bedroom, 1 bathroom, and an enclosed sunroom
